Gina Raimondo, the US Commerce Secretary, engaged in substantive discussions with China’s Commerce Minister Wang Wentao during their recent meeting, highlighting concerns about pressing issues concerning American businesses. The conversation covered a range of economic matters, including significant topics like tech giants Intel and Micron.
One of the central subjects discussed was China’s recent restrictions on the export of gallium and germanium, vital components in semiconductor production. China’s dominance in producing over 60% of the world’s germanium supply has led to global concerns about the impact of these restrictions on semiconductor production, which is crucial for modern technology.
Of particular note was the United States’ strong stance against China’s de facto embargo on purchasing Micron Technology memory chips. Raimondo emphasized that such “economic coercion” would not be tolerated, and the US is working with international partners to counter such actions.
Commerce Secretary and Wang agreed to establish a new formal working group comprising government officials from both countries and private sector representatives. This group aims to address commercial issues, facilitate dialogues on trade and investment, and promote American commercial interests in China’s market.
In addition, the two nations will engage in technical discussions involving specialists from both sides, focusing on enhancing the protection of classified trade secrets and confidential business data. These discussions are critical for fostering secure and transparent global business interactions.
The discussions between Raimondo and Wang lasted over two hours and underscore the complexities of the economic interdependence between the United States and China. As both countries navigate technology, trade, and investment matters, these dialogues reflect their commitment to finding collaborative solutions.
This exchange comes as part of broader efforts to manage the intricate trade relationship between the two economic giants and address the challenges arising from their interlinked economies. The discussions shed light on the importance of open communication and cooperation to ensure a balanced and mutually beneficial economic landscape between the United States and China.